Two solar projects get cross-border refinancing in Uruguay

  • Uruguay
  • 07/06/2018
  • Latin Lawyer

White & Case LLP in Madrid, Miami and New York, and Ferrere (Uruguay) have helped UK private equity-owned Atlas Renewable Energy refinance two solar power projects in Uruguay in a US$114 million deal.

Allen & Overy LLP in Washington, DC and New York; and Guyer & Regules in Montevideo represented the lenders IDB.

The refinancing was composed of senior and subordinated long-term loans and a bonds issuance by IDB. Norwegian financial services company DNB arranged and marketed the bonds, turning to Mayer Brown LLP in Washington, DC, and New York.

After the issuance, IDB disbursed the loans on 29 June.

The proceeds will be used to repay existing loans acquired for the construction of the Del Litoral and El Naranjal solar projects, which are in northwestern Uruguay near the city of Salto. They have a combined installed capacity of 75.8 megawatts. Both began commercial operations in 2017.

Counsel to Atlas

In-house counsel – Maureen Ryan and Daniela Nogales

White & Case LLP

Partner Carlos Viana and associates Thomas Pate, Christopher Delp, Rosa Llamo and Chris Bergan in Miami; partner Juan Manuel de Remedios and associate Julio Peralta in Madrid, and partner John Vetterli and associate Mårten Olsson in New York

Ferrere (Uruguay)
Partner Diego Rodríguez and associates Federico Lemos, José Lima, Tania Cavallo and Ignacio Silva in Montevideo

Counsel to IDB

In-house counsel – Ignacio Imas

Allen & Overy LLP

Partner Sami Mir and associates Jake Reed and Pablo Umaña in Washington, DC; partner David Flechner and associate Felipe Hubner in New York

Guyer & Regules
Partners Álvaro Tarabal and Beatriz Spiess, and associates Federico Piano, Carolina Herrera, José María Nicola and Jimena Lanzani in Montevideo

Counsel to DNB

Mayer Brown LLP

Partner Christopher Erckert and associate Valentina Castillo in Washington, DC; partner David Bakst in New York

Practice area : Project finance & infrastructure, Banking & finance
Country : Uruguay, International
Industry : Renewable energy

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